TYPEResidential, Office, Mixed use, Offices, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON16th October 2019
A 5 storey detached, newly built mixed-use investment comprising 9 flats each sold off on 125 year leases with three office suites over part ground and lower ground floors. Two of the office suites are let with the final suite available at a rent of £30,000 per annum.
9 flats over part ground, first, second and third floors all sold off on 125 year leases producing a combined initial ground rent of £900 per annum.
Ground floor office: Let on a 10 year lease from 4th June 2019 at a rent of £15,000 per annum. There is a tenant break option at the 5th anniversary.
Lower ground floor west: Let on a 5 year lease from 17th May 2019 at a rent of £48,000 per annum following a discount in the first year to allow for tenant fit-out. There is a tenant break at the 3rd anniversary.
Lower ground floor east: Available to let on a new lease at £30,000 per annum
A sample of the residential leases and copies of the commercial leases are available upon request to qualified buyers.
The property is centrally situated adjacent to the recently built American Express HQ building on John Street and close to the new Circus Street mixed-use development, which is due to provide 142 new homes and 450 student rooms.
The area has been the subject of considerable investment over the past few years and this looks set to continue with the proposed development of the Edward Street Quarter on the site of the former American Express 'Wedding Cake' building.